Tauron secures 500 million pln loan from Erste Bank for Renewables

Tauron Polska Energia has concluded a loan agreement with Erste Group Bank AG for PLN 500 million, which will be used to finance or refinance development in the area of ​​renewable energy sources, improving energy efficiency and expanding e-mobility infrastructure, Tauron said.

“According to the agreement, the issuer will be able to use the funds within 18 months from the date of the agreement. The loan will be repaid within 5 years from the date of the contract. The interest rate will be based on a variable interest rate increased by the bank’s margin, ”reads the release.

The indicated funding objectives must comply with the criteria set out in the taxonomy of the European Union to determine whether and to what extent an economic activity qualifies as environmentally sustainable. Tauron plans to allocate them in particular to change the generation mix, i.e. wind farms and industrial photovoltaic installations.

This pool will also be able to finance projects in the area of ​​distribution, increasing energy efficiency, such as the implementation of smart meetering, modernization of street lighting with LED lamps and investments in the field of clean transport – primarily the development of electric vehicle charging infrastructure.

“Investments in the group’s renewable generation capacity are priority tasks for the next decade. The funds obtained will allow us to strengthen financial stability and dynamically implement our strategic goals. The agreement also sends a clear signal to investors that the Group intends to consistently implement the Green Return, putting emphasis primarily on the transformation of its production mix towards renewable energy, ”said Krzysztof Surma, vice president of Tauron for finance.

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